Acknowledgment of Existing Defaults. Each Borrower acknowledges and agrees that each of the Existing Defaults has occurred and continues to exist as of the date of this Amendment No. 2.
Acknowledgment of Existing Defaults. Borrower hereby acknowledges that the Restructuring occurred without compliance with Sections 10.3 and 10.4 of the Loan Agreement, and therefore constitutes Events of Default under Section 11.1(c) of the Loan Agreement. Borrower further acknowledges that for the period from October 31, 2000 through the effective date of this Second Amendment, it is not in compliance with the Minimum Tangible Net Worth, Maximum Liabilities Ratio and Minimum Debt Service Coverage Ratio called for under the Loan Agreement and that each such instance of non-compliance constitutes an Event of Default under the Loan Agreement. All Events of Default described in this paragraph shall be hereinafter referred to as the "Existing Defaults."
Acknowledgment of Existing Defaults. Companies acknowledge, confirm and agree that (a) the Existing Defaults have occurred and are continuing and (b) Investors have the presently exercisable right to exercise all rights and remedies against Companies and the Collateral (as defined in the Security Agreement) as are available to Investors under the Existing Notes and the other Transaction Documents and under applicable law, all without notice to or consent by Companies, except as expressly provided for under the Existing Notes or other Transaction Documents or required by applicable law.
Acknowledgment of Existing Defaults. Borrowers hereby acknowledge and agree that the Existing Defaults have occurred and are continuing. Borrowers hereby waive the right to contest the occurrence, existence, accuracy, or materiality of the Existing Defaults.
Acknowledgment of Existing Defaults. Each Loan Party signatory hereto hereby acknowledges and agrees that (i) the Existing Defaults have occurred and are continuing, (ii) each of the Existing Defaults constitutes an “Event of Default” under the Loan Documents, and (iii) as a result of the Existing Defaults, Agent and the Lenders are entitled to exercise their respective rights and remedies under the Loan Documents, applicable law, or otherwise. Each Loan Party further represents and warrants that as of the Effective Date, no other Defaults or Events of Default under the Loan Documents exist. Agent and the Lenders have not waived and do not intend to waive any Existing Default, or any other Default or Event of Default which may exist under any Loan Document, and nothing contained herein or the transactions contemplated hereby shall be deemed to constitute such a waiver.
Acknowledgment of Existing Defaults. Loan Parties represent and warrant that as of the date of this Amendment, the Events of Default listed on Schedule 1 attached hereto and made part hereof (“Existing Defaults”) have occurred and are presently outstanding under the Loan Agreement and that no other Event of Default, or event which, with the passage of time, or the giving of notice, or both, would constitute an Event of Default, is outstanding under the Loan Agreement.
Acknowledgment of Existing Defaults. Borrower hereby acknowledges, confirms and agrees that the Existing Defaults consist of the following: Borrower has failed to maintain the minimum cumulative year-to-date EBITDA for the months of September, October, November and December, as required by Section 9.17 of the Loan Agreement. As a result of the foregoing, the Existing Defaults have occurred and are continuing, Congress has the presently exercisable right to exercise all such rights and remedies against Borrower and/or the Collateral as are available to Congress under the Loan Agreement and the other Financing Agreements and under applicable law, all without notice to Borrower, except for such notice as may be expressly provided for in the Financing Agreements or required by applicable law, and such rights and remedies include, without limitation, the right, exercisable at any time and from time to time, to cease making any additional Loans or providing any further credit accommodations to Borrower.
Acknowledgment of Existing Defaults. Each Borrower hereby acknowledges, confirms and agrees that (a) the Existing Defaults have occurred and are continuing, (b) Agent and Lenders have the presently exercisable right to exercise all such rights and remedies against Borrowers and/or the Collateral as are available to Agent and Lenders under the Loan Agreement and the other Financing Agreements and under applicable law, all without notice to or consent by Borrowers, except as expressly provided for under the Loan Agreement or required by applicable law, and (c) such rights and remedies include, without limitation, the right, exercisable at any time and from time to time, to cease making any additional Loans or providing any further credit accommodations to Borrowers.
Acknowledgment of Existing Defaults. As of the date of the Initial Forbearance: (i) the Specified Default exists and is continuing under the Credit Agreement and Other Documents; (ii) the grace period applicable to the cure of such Specified Default has expired; (iii) the Specified Default is continuing without timely cure by the Borrowers; and (iv) neither the Agent nor any Lender has waived in any respect any or all of such Specified Default or their rights and remedies with respect thereto;
Acknowledgment of Existing Defaults. Borrower hereby acknowledges and agrees that (i) the Banks have alleged that due to Borrower’s failure to comply with the terms of the Existing Credit Agreement as described in that certain letter from Resigning Agent to Borrower dated April 9, 2001 (the “Asserted Default”), (ii) due to Borrower’s admission to Resigning Agent, Successor Agent and the Banks that it is unable to repay the outstanding Primary Obligations on the Termination Date, and (iii) due to Borrower’s admission to Resigning Agent, Successor Agent and the Banks that it may be unable to comply with some or all of the covenants contained in Sections 11.1 through 11.4 of the Existing Credit Agreement as of the last day of Borrower’s second Fiscal Quarter of Fiscal Year 2001 (collectively, the “Existing Defaults”), Defaults have occurred and are continuing or will occur under the Existing Credit Agreement. In addition, Borrower acknowledges and agrees that, as of the date hereof, Resigning Agent and the Banks are entitled to exercise any and all remedies that they may have as set forth in the Existing Credit Agreement and the Existing Loan Documents, or otherwise provided at law or in equity, against Borrower with respect to the Existing Defaults. Nothing contained herein, however, shall be construed as an admission by Borrower that any Default or Event of Default has occurred as a result of the events or circumstances giving rise to the Asserted Default.
